09 October 2015
Dear Sir, An Assesse who is a Doctor by Profession has purchased a flat in a co- operative society in the year 2013 and at that time he has given a advance amount of Rs. 5.00 Lac to the society and every year he pays certain amount of money to the society for maintenance, repairing and other various purposes. Now my question is whether the amounts paid by him every year will be added with the Advance for Land & Building of Rs. 5.00 Lac in the Balance Sheet or it can be shown as Drawings in the Liabilities Side of the balance sheet. Please suggest which is justified because I am quite confused about the matter.
Your valuable reply would help me solve the matter. So please reply as early as it is possible.
CAclubindia
